Some big Japanese trading houses forecast on Friday record annual profits as the U.S.-Israeli war on Iran keeps commodity prices high, while domestic utilities warned of losses as procurement costs spike. Japan, one of the world's most vulnerable countries to energy import disruptions, has stepped up diplomatic efforts and pledged billions of yen in public support - from subsidies to a currency intervention - as it tries to cushion the economic shock from the war and the closure of the Strait of Hormuz. Marubeni Chief Executive Masayuki Omoto said the crisis in the Middle East poses more upside than downside risks to the company's earnings thanks to higher commodity prices. For the current fiscal year, the firm expects a net profit of 580 billion yen ($3.7 billion), which would be a record. The forecast represents an increase of 6.6% from last fiscal year's profit of 544 billion yen, which was also a record.